Z Capital Partners Acquires Ownership Stake in Affinity Gaming, LLC
LAKE FOREST, Ill., July 9, 2012 /PRNewswire/ -- Z Capital Partners, L.L.C. ("Z Capital"), a private equity firm focused on revitalizing businesses, today announced that it has acquired a 24.97 percent stake in Affinity Gaming, LLC, a diversified, multi-jurisdictional casino operator with wholly-owned casino operations in Nevada, Missouri and Iowa, becoming its largest shareholder.
"We have great respect for Affinity Gaming and its strong commitment to guests, employees, and partners," said James J. Zenni, President and Chief Executive Officer of Z Capital. "This investment has been a two year process and we see significant potential for long-term growth at Affinity Gaming and look forward to supporting management's efforts to lead the company into its next phase."
"Z Capital has been a long-time supporter of our management, employees and business strategy, and we are excited to see them step up into a more prominent role in our ownership," said David D. Ross, Chief Executive Officer of Affinity Gaming. "We believe that this new level of support from Z Capital will provide us with greater flexibility to execute our strategic plan of growing cash flow through elevating our guest experience, enhancing our value proposition and improving the overall performance of our properties."
About Z Capital Partners
Z Capital Partners, L.L.C. is a leading Chicago-based private equity firm that specializes in making investments in distressed middle market companies utilizing the restructuring and/or bankruptcy process, opportunistic acquisitions and special situations. Z Capital utilizes its operational and restructuring expertise to work with management on enhancing enterprise value and achieving superior risk-adjusted returns for its investors. Z Capital's investors include prominent global endowments, financial institutions, pension funds, insurance companies, foundations, family offices, and wealth management firms. For more information, please visit www.zcap.net.
About Affinity Gaming
Affinity Gaming, LLC is a diversified casino gaming company headquartered in Las Vegas, Nevada. The Company's operations consist of 12 casinos, nine of which are located in Nevada, two in Missouri and one in Iowa. Affinity Gaming is also the landlord of three additional casinos in Colorado and expects to be licensed to operate those casinos in the second half of 2012. Additionally, Affinity Gaming has entered into a consulting agreement to support the operations of the Rampart Casino at the J.W. Marriott Resort in Las Vegas. For more information about Affinity Gaming, please visit www.affinitygaming.com.
Cautionary Statement from Affinity Gaming, LLC and Z Capital Partners, L.L.C. Regarding Forward-Looking Statements
This press release may contain forward-looking statements, which can be identified by the use of words such as "anticipates," "intends," "plans," "seeks," "believes," "estimates," "expects", "projects," "may," "will" or "should" or the negative or other variation of these or similar words, or by discussions of strategy or risks and uncertainties, and similar references to future periods. These statements are based on management's current expectations and assumptions about the industries in which Affinity Gaming operates. Forward-looking statements are not guarantees of future performance and are subject to significant risks and uncertainties that may cause actual results or achievements to be materially different from the future results or achievements expressed or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to, the risks and uncertainties related to the capital markets generally, as well as those risk and uncertainties described in the Company's most recent Annual Report on Form 10-K, including under "Cautionary Statement Regarding Forward-Looking Statements" and "Risk Factors." The Annual Report on Form 10-K can be accessed through the "Corporate Information" section of the Company's website at www.affinitygaming.com. The Company disclaims any intent or obligation to update or revise any forward-looking statements in response to new information, unforeseen events, changed circumstances or any other occurrence.
Contact
Z Capital
Jonathan Keehner
Joele Frank, Wilkinson Brimmer Katcher
(212) 895-8632
Affinity Gaming
Investors:
David D. Ross
J. Christopher Krabiel
Affinity Gaming
(702) 341-2400
[email protected]
Media:
William Schmitt
ICR
(203) 682-8294
[email protected]
SOURCE Z Capital Partners, L.L.C.
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